j. powell's tenure, maybe it is just a coincidence.der, d.e.i., critical race theory, esg, cl climate change all these fashionable but harmful diseases have infected federal reserve. my question is, are the fed -- is the fed hiring people from the left in democratic party s -- deliberately, now you know, 5 or 6 years, bingo, something happened here mike faulkender. >> i would say, a couple things, d.e.i. complex infiltrated universities, particularly in graduate programs, unfortunately specifically my area in economics you see hiring pool fed is bringing in people from has moved very much to the left, it used to be a lot of pro-growth economists, that literature has moved toward redistribution. there is another thing which is donald trump has changed the electorate. republican party is now much more of a working class party. and democrats are parties of elite. you look at what is the one year where the fed donate to republicans it was when mitt romney was nominee. i think what is happening is that donald trump has made this a working c

j. powell's decisions going forward? long as congress is not making any changes to the fed's ability to be independent. fed is going to continue doing what it's doing. certainly data dependent looking at what's coming in with regard to gpd and inflation this morning and also the labor market. looking at financial conditions, are they loose or tight? the fed is going to continue doing what it's doing. there will be challenges in terms of what the path of rates look like next year. and a lot of that is going to be dependent upon which policies come out of the new administration. >> also have cpi today. that's parts that seem to be stickier than other parts and one of them is really insurance. just one part that stays the same and double digit increases in recent months. how is in fed going to view a possible uptick in inflation slight as it may be. how does that influence the decisions going forward? >> chair powell said that inflation is still elevated and not at the 2% target and i think underneath that there was aned a

j. powell from stepping down to give trump's chant to replace him. i am note hearing mr. trump say, any of that. anyway, edward lawrence thank you for that update. >> high growth low inflation, and donald trump's golden age. that is why the stock market had a record breaking welcome mat yesterday 1500 points on the dow. i believe it was one of the biggest single day gains on record. and all that is the subject of the riff. the day after election stocks up 1500, one of best days. like saying welcome home president trump. we are glad you are back. the market surely welcoming mr. trump's tax cut plans, with his deregulation roll back of 2 trillion of new regulations put on by biden-harris administration, and included this mr. trump's deregulation plan is permitting reform to not only unlock fossil fuel spigots and produce more liquid gold but open door to pipelines, and fracking and drilling in alaska and new mexico, gulf of mexico too. plus reopening lng exports new permitting lng modernization and terminals, stock market welcome mat for mr. trump's vote of confidence that

j. powell., other thing, not related to question, but i want to interject in past 24 hours, i had have conversations with two of probably the two leading venture capitalists in america, who are not elon musk. and you know i think of the three of us at three horsemen of the growth economy. and these both of these two were so optimistic, they said, if we get this right, if we get the deregulation, the energy, and the technology a.i. boom happens now, that you know, t the 3% growth is too low they were talking numbers 5 or 6 in terms of the u the -- you know a real golden age almost like 18 90s, where railroad led this incredible boom, they think with right policy mix with a.i. on top u.s. could pull away from the world. larry: love that 1890s those were my best years. a great economic period. you know, i wouldn't mind prices, never seem to fall for middle class people for low income people, you know. there is still a legacy of higher prices, if mr. trump's policies work on particularly energy we'l

i think j powell recognizes that. i sense from what we saw in that tweet from senator mike lee and what we saw from elon musk is that's going to be tested. i think that could get quite nasty. >> j powell knows what it means. the question is, does donald trump? gentlemen, thank you for joining me. when we return, what does it say about the media that a three-hour podcast with joe rogan may have been more consequential than a network interview? we are going to take a deep dive into the role the media played in this election. that's next. that's next. so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track

j. powell was a republican appointee. mickey bowman on that. >> christopher waller is there.ry: you are talking about bulk of it is staff. the board staff, whether regulations or economics or monetary research and theory and so on. that where it sounds like the problem s last one, does this include reserve banks in country or just board in washington. >> reserve banks. the new york reserve bank, is the worst of all. that is really anti-trump, and as i said this should be treated as an emergency for the fed's credibility they need to figure out why their staff -- even it was just want to officials that is not bad, but the staff that really runs it, it is feeding the data to the officials it is bad what they are this far left. larry: all right, john carney, breitbart economics and finance editor thank you, tough story. someone has to ask them. as a news conference. >> they should invite me. larry: i will. >> why is it so shocking that a trump would appoint loyalists. my gosh, loyalists, of course. people are loyal to his policies, and to him. we'll talk about it with caroline d

j. powell those legalistic arguments. just like judy said who is responsible and acount able.ority to set value of money but we don't blame congress either. >> when you read original text of constitution it is clear from what founders say congress is forbidden from doing what fed does today. having a currency that is backed by nothing, congress was authorized to create a currency with p precious metal backing and to say how much it would be backed by, they have done is create an entity that does what they themselve are forbidden from doing. in law it is a cat's paw, it is as uncon unconstitutional for congress to create th another 10t entity to do that. larry: article 1, section 8. they don't stick to it. tony antoni one other thing, corporate tack receipts -- tax receipts running 100 billion above where congressional budget office cbosaid they would run 7 years ago, 100 billion, why should we believe the cbo against or joint tax committee. >> we shouldn't for same reason we have not believe the economist who say trump turn will r cause run away inflation, they said biden pres

j. powell is in trouble again. i will make a forecast, and bring in two experts.orecast, december fomc meeting that fed will not cut rates any more, they should not have cut them before, the inflation may be creeping up. there. i said it. john carney breitbart economics and finance editor. and david malpass. smart guy, former president of world bank group. john carney, i am telling you i talked with a distinguished super fed watching today. he said powell is wrong again. numbers have not moved in months. 2.7 to so-called consumer deflate ir, 3.3% on core cpi. not moving in the right direction, powell is wrong, he should not have pushed rates down we have said it a million times. will he admit it, pullback with no rate cut. >> i think he has to. it, it ridiculous they backed themselves in to a corner they should not have cut in november, definite not in september but 50 basis points they had no point but to cut gain, i think they will back away from december, i will try to say, it was new data coming in. but that is a lie. the data was not that good. in september,

. >> is j powell the new anthony fauci? the guy who had an extraordinarily hard job and got it done, but is the target of so much ire. >> if he is, stephanie he seems to be up for the job based on his reaction and response to those questions today. and let's not forget that j powell has history on his side the federal reserve has had some measure of independence 1913. and there was, i looked it up today. a treasury that formally conferred independence, of whatever physical objectives at the government may have, and paul volker, saturday night special in the 1980, that further reinforced the importance of fed independence, otherwise the inflationary storm would never have passed. and furthermore, i should add, it would be very difficult for donald trump to get rid of jay powell, not only does jay powell have history on his side, jay powell has the law on his side. now there are things that donald trump as president could do to undermine jay powell's authority. and the strength of his word, and perhaps even the amount of infl

j powell will announce his new move on interest rates on november 7th, thursday. the stakes for you, the investor are high. sit tight through what could be wild waves or dive in. get to the floor show. joining me is deutsche bank and john. we have a dead heat in this election and neither side owns the win. if you look at the polls right now. what are you bracing for? what should investors brace for? >> i'll tell you, liz, it's great to be on fox business with you. >> thank you. >> i'm rather relaxed about this and compliants are if you look at the historical reference points. there is not a lot we can do unless we wait until we see the results. they have a relief rally in situations like this. once the decision is known. the most important thing, everybody would like to know who will be elected president. it's important we see a divided congress so we get checks and balances in the system either way and that, i think, gives a healthier election result for the market to consider. >> if tomorrow night, in the middle of the night we don't have an answer and wednesday

j. powell was a republican appointee, then's democrat appointee, republican appointees on board of governorshole fed staff in washington it may be reserve banks out in country side as well. a few years ago, before joe biden, this was not true. if you look at early part of the 21 century. the donations from fed were about balanced between republicans and democrats, something has happened in very recent years to make this fed nonindependent. >> i have a solution to this. you may love it let's si c elon musk on them, and have sunshine and transparency. up our good friend rand paul has been talking about it for 10 years why does fed have to act in secrecy like they are some kind of te tertemple that comes down from god, everything they do should be open, their meetings should be on cspan, they should have diversity. there no diversity. larry: like npr or something. two inflation reports this week, cpi, and ppi, no more progres on inflation. there is no m progress and they are still outside their target, so why are they rushing to ease. i don't want them to pump up money supply and give president

j. powell and also you have governors and reserve bank presidents and the board staff, want to go to d.e.ikeeps cropping up in conversation, is the fed guilty of being infected with d.e.i. the way that colleges and universities have been infected why and businesses and corporations have? >> i'm afraid to say there has been some mission creep. that mission creep has been going on for a long time, i want toy to say it comes from best of intention, if that is their intention it has not work they'd have taken powers away from fiscal authority, congress should appropriate money, but the fed is entering their business as if they are f philosopher kings in washington, good news we have an independent central bank, bad news we need to keep them focused on renet but it looks like they have not, that is why even at a time of full employment, most americans have it figured y out, the economy is the wrong track, they are less well off, time for economy policy regime change. larry: one would be hard pressed to find any concerted fed campaign from the chairman or anyone. fiscal policy under biden-harb b

. >> j powell. no. he's not an academically, this. it was clear at that press conference that he will fight this. if trump wants him to resign, he will take any steps he can to prevent that. the sanctity of the independence of the federal reserve is so important and it's been the case going back to the nixon administration when that was tested. you talk about the bond market, there is that independence in a vacuum but beyond that, the ripple effects of jeopardizing they could be huge in the financial system. powell recognizes that and i sense from what we, too from senator mike lee and from elon musk is that will be tested. i think that could get quite nasty. >> powell knows what it means. does donald trump? thank you for joining me. >>> what does it say about the media that a three-hour podcast with joe rogan may have been more consequential than a network interview. we are going to take a deep dive into the role the media played in this election, next. . >>> in the wake of trump's selection win, questions are being asked of how the

long history going back to donald trump that might've had jay powell's job and trump is reportedly to warsh that i should have you instead of jlisa: just like game of thrones, the secretary battle going on on the one hand and the issue of the rest of the cabinet picks. yesterday matt gaetz withdrawing his nomination to become attorney general. what do you make of that withdrawal? putting aside some of the other cabinet picks and pam bondi who has been selected to replace him, what is your take away from how this moves the chips around in the battle to what you call a revenge cabinet? >> you take away is when trump gets bored, he starts reaching out in new directions. i think the reason he picked matt gaetz to begin with is too many of the establishment conservative federal society type lawyers he was presented with probably reminded him of bill barr so he wanted somebody different and that is how gaetz got it. pam bondi is a classic example of someone trump could be comfortable with given she is a floridian, she has been a staunch defender of his. plus she looks great on television. she is a very attractive woman and that is